PARSIPPANY, N.J. — The Kislak Company Inc. has brokered the $4.3 sale of Colony Plaza, a 40,000-square-foot office and retail property in Parsippany, a northwestern suburb of New York City. The site is located on a 3.2-acre site at 1180-1220 Route 46 near State Routes 10 and 287 and currently houses three buildings. Tom Scatuorchio and Matt Weilheimer of Kislak represented the seller, a private investor, in the transaction. The buyer was undisclosed.
MEMPHIS, TENN. — Gelt Inc. has acquired eight self-storage properties comprising 3,867 units in metro Memphis for $41 million. The portfolio, which totals 490,187 square feet, was 91 percent leased at the time of sale. There are five facilities in Memphis; two in Olive Branch, Miss.; and one in Nesbit, Miss. The single-story properties were built between 1972 and 2006 and feature a mix of drive-up, indoor and climate-controlled units. Portfolio-wide, the unit sizes range from 5 square feet to 430 square feet and average 141 square feet. Citizen Storage will manage all eight properties. Luke Elliott and Michael Mele of Cushman & Wakefield represented the seller, Merit Hill Capital, in the transaction.
ATLANTA — JLL has negotiated the sale of Marquis at Briarcliff, a 104-unit apartment complex in Atlanta’s North Druid Hills submarket. The property, which built in 1995, offers one-, two- and three-bedroom floor plans. Communal amenities include a 24-hour fitness center, pool, grilling areas and a dog park. The buyer, Chicago-based Oak Residential Partners LLC, plans to upgrade unit interiors, exteriors, amenities and landscaping. The buyer also changed the property name to One K Apartments. The community is located at 1000 Gables Way, eight miles northeast of downtown Atlanta. JLL represented the seller, CWS Capital Partners LLC, in the transaction and procured the buyer. The sales price was not disclosed.
PHOENIX — Epoch Residential has completed the sale of Capital Place, a multifamily property located at 11 S. 12th St. in Phoenix. Knightvest Capital acquired the asset for an undisclosed price. Built in 2016, the two-building Capital Place features 292 apartments offering stainless steel kitchen appliances, custom kitchen cabinets, granite counter tops and covered balconies. Residential amenities include a swimming pool, fitness center, clubhouse, spa, cabanas, barbecue grills and parking garages. Mike Higgins, Charlie Steele and John Cunningham of the JLL Capital Markets Investment Advisory team represented the seller in the deal. Mark Brandenburg and Brad Miner, also of JLL, arranged acquisition financing through Freddie Mac for the buyer. Jones Lang LaSalle Multifamily, a Freddie Mac Optigo lender, will service the loan.
CHANDLER, ARIZ. — Westcore has purchased an industrial warehouse situated on 16.5 acres at 2550 N. Nevada St. in Chandler. Greenlaw sold the property for $38 million. At the time of acquisition, the 164,486-square-foot, Class A facility was fully leased to a global e-commerce company. The secured warehouse distribution building, which was extensively renovated, features 30-foot clear heights, extensive power, ESFR sprinklers, ample loading and newly designed and constructed office space. Jeff Chiate, Will Strong and Mike Adey of Cushman & Wakefield, with support from Steve Larsen of JLL, represented the seller, while Westcore was self-represented in the deal.
NORFOLK, VA. — Divaris Real Estate has arranged the sale of the Arnold B. McKinnon Norfolk Southern headquarters, a 310,745-square-foot office building in downtown Norfolk. The building has been home to Norfolk Southern Railroad’s headquarters since 1988. The company will finish out its lease, which has 18 months remaining, then move to Midtown Atlanta. A joint venture between TowneBank and Children’s Hospital of the King’s Daughter (CHKD) acquired the 22-story tower for an undisclosed price from Norfolk Southern. As part of the acquisition, the buyers also purchased the Commercial Place Garage, a 744-space parking garage connected to the tower via skybridge. The parking garage features retailers on the ground level. TowneBank and CHKD will each occupy 10 stories, with CHKD bringing over 475 employees and TowneBank relocating 400. TowneBank has hired WM Jordan as the general contractor to renovate the bank’s future home, on floors that Norfolk Southern is not currently occupying. Creative Development Partners will manage the renovations. Gerald Divaris, Michael Divaris and Jason Oliver of Divaris Real Estate represented the buyers in the transaction. Gayle Bartlett of Divaris Property Management Corp. will continue to manage the building, as well as the parking garage and retail on the first …
CONCORD, N.C. — TSCG has negotiated the $7.1 million sale of The Shops at Christenbury, an 11,350-square-foot retail property in Concord. The asset was fully leased at the time of sale to tenants including Aspen Dental, First Watch, Atrium Health and Brownlee Jewelers. A Kohl’s store, McDonald’s outparcel and an Andy’s Frozen Custard outparcel sit on the property but were not part of the sale. The seller, Thompson Thrift Development, delivered the property in 2019. The Shops at Christenbury is located at 8825 Christenbury Parkway, 15 miles north of downtown Charlotte. Anthony Blanco of TSCG represented the Indianapolis-based seller in the transaction. Erin Patton of Marcus & Millichap represented the buyer, an affiliate of Ohio-based Deville Developments.
NEW YORK CITY — Kassin Sabbagh Realty LLC has arranged the $17.1 million sale of a 67-unit multifamily building in the Bay Ridge neighborhood of Brooklyn. Located at 515 Ovington Ave., the 72,000-square-foot building was constructed in 1956 and offers studio, one-, two-, three- and four-bedroom floor plans. Jeffrey Znaty of Kassin Sabbagh represented the seller, Lang Development Corp., in the transaction. Znaty also represented the buyer, a locally based developer.
ALLENTOWN, PA. — The Kislak Company Inc. has brokered the sale of a 32,132-square-foot industrial property in Allentown. Located at 2330 26th St. SW, the single-story building was constructed in 1966 and features a clear height of 18.5 feet, four loading docks and one drive-in door. The property was fully leased at the time of sale. The property offers convenient access to Interstate 78, State Route 309 and the Pennsylvania Turnpike. Nearby airports include Lehigh Valley International Airport and the Trenton-Mercer Airport. Matt Weilheimer of Kislak Co. represented the undisclosed seller in the transaction. Davis Briones, also of Kislak Co., represented the buyer, Mitchell Partners Group LLC. The sales price was undisclosed.
MISSION, TEXAS — Bellomy & Co. has brokered the sale of A+ Storage, a 169-unit self-storage facility located in the Rio Grande Valley city of Mission. The property spans 24,100 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Harlingen, Texas-based seller and procured the Nebraska-based buyer in the transaction.